Thanks very much, Asli. Good afternoon to all and thank you for dialing in this afternoon. We certainly appreciate the opportunity to share this session with all of you.

I'm calling in from Moscow, Russia while Onur and the rest of the team are in Istanbul. I trust that the telephone line is clear. I must add that being in the beer business, we always suggest that -- usually suggest that Friday afternoons be reserved for beer with friends, not on conference calls, but I think we've got some good news to share. I will keep our feedback short, as all of you have the latest information, and I assume our time would be better spent answering a few questions.

Following a really challenging year, we're happy to release our results in line with our guidance. The volume up for quarter for -- for the quarter at 4.5% and the full year at 1.5%, with strong volume performance in our soft drinks business and international beer operation.

Our revenue up just under 11% for the quarter and 2.1% for the full year. Higher volumes driven through intense market and execution of point-of-sale and local currency price increases across all segments.

Our EBITDA margin, mostly in line with guidance at 17%, with business diversification enabling flat consolidated margin. And our free cash flow at record levels with just over TRL1 billion for 2016, up from TRL637 million in 2015. This driven through tighter working capital management, despite cycling a low base for both beer and soft drinks. And then operating with lower CapEx figure.

Our current -- our bottom line was either hit by non-cash FX losses with a net loss of TRL70 million in 2016 versus TRL197 million 2015. Our consolidated net debt to EBITDA was 1.9 times in 2016 versus 2 times in 2015. This despite the 21% devaluation of the TL versus the US.

If we look at our -- just briefly on soft drinks, we have the separate section on our soft drinks business. Soft drinks up 3.2%, as I mentioned. Turkey delivered 1.4% volume growth for 2016, but with Turkey delivering 51% in flat market share really. Sales volume of our international operations posted just under 5.5% growth in 2016, and this driven largely by our Pakistan operation, which continued to post double-digit volume growth just under 19% for 2016.

Central Asia, we are happy to announce our operation turned positive in the last quarter, with Middle East volumes contracting slightly despite -- only at 0.6% despite macroeconomic and political challenge in South Iraq as well as ongoing security issues in North Iraq.

If we get to our beer volume for 2016, also excluding Ukraine, in line with our guidance that we gave. Our Russian beer market performed above expectation on the back of improving consumer sentiment, driven largely, I think, with the recovery of the oil prices.

The postponement of the PET regulation -- as you all know, the PET regulations really kicked in from January 1. We are to manage the conversion over December. And then we had a really favorable summer for Moscow, which helped the volume.

We did, however, have really tough market conditions in Turkey, driven by higher-than-inflation increases in excise on January and December. As you are all well aware, the political and the macroeconomic challenges that we faced, and then lower consumer confidence obviously on the back of those challenges. We saw our Turkey business decline just under 10% for the year in terms of volume.

The slowdown in the rate of decline continued into quarter four as a result of our strategy of really pushing and building our brand by reducing new SKUs, new taste experience, addressing affordability aggressively, and then managing our sales force a lot more effectively and working with our partners in our route to market.

And then one must remember that our exposure in the on-premise was fairly high. And with the economic challenges or the political challenges -- the terrorism challenges that we had obviously are -- the impact on our on-premise was fairly large.

Our market share is decreasing from 68% to 66%. But I need to just highlight that the market share numbers are not in line with the volume losses, and Nielsen are changing their panel. So we can expect some changes in the Nielsen results in the next couple of months. And we will share that with the community once we have those updated numbers.

In terms of our international beer operation, as I mentioned, Russia performing well. However, the beer market was down 2.2%, but we recorded single-digit growth as a result of two consecutive quarters of double-digit volume growth in Russia. And then the 14% market share in Russia, up from 13.4%, all for the previous play. And we remain a very strong number two player, both volume and value in Russia.

We excel in consumer-customer collaboration, availability on point-of-sale activation, and execution. And we're building competitive advantage through lean and efficient operation. And we're focusing on our employees, our customers, regulators, community, and environment.

I will hand over to Onur to take you through -- our CFO to take you through some more of the details in terms of our financial performance. Onur.

Thank you very much, everyone. Good morning and good afternoon, ladies and gentlemen. Thank you all very much for joining Anadolu Efes financial results 2016 conference call today. I will briefly take you through our financial results starting with Anadolu Efes consolidated numbers.

Our consolidated volume in financial year 2016 is up to TRL87.5 million, with an increase of 1.5%, mostly driven by our soft drink segment as mentioned by Gavin. Net sales revenue is up to TRL10.4 billion with a 2.1% increase compared to the same period of last year, with an increase higher than that of the revenue.

Consolidated EBITDA before non-recurring items are recorded as TRL1,771.9 million, with a slight increase. Our EBITDA margin was recorded to be 17%, flattish compared with prior year. Net income was recorded to be a minus TRL7.8 million on the back of more than TRL600 million non-cash FX losses in financial year 2016 due to strong -- due to long-term [hard firms], the borrowings, and TL devaluation in 2016.

Next I'll be covering our beer segment and our financial-year 2016 financial path from earnings on our beer business. Starting with Turkey, as was mentioned by Gavin, volume was 6 million hectoliters with a 9.9% decline versus prior year.

Full-year net sales revenue of Turkey beer operations was TRL1.4 billion, with a lower decline of 3.1% net of volume. [By extra liter] sales revenue grew by around 7% on a year-on-year basis. EBITDA before nonrecurring items was recorded to be TRL408.3 million in financial year 2016, with an EBITDA margin of 28.4%. As earlier discussed, our net income in Turkey was negatively impacted by the TL devaluation in 2016.

Going over our international beer operations, we closed the year with 13.9 million hectoliters in international beer segment, with a 0.9% decline compared with the same period of last year. Excluding Ukraine, our international operations managed to grow by 0.8% in financial year 2016.

On the net revenues, we ended the year with TRL630.6 million of net revenues in our international beer operation. This represents a 13% decline in dollar terms. However, if you look at a constant currency basis, we see that our international beer segment revenues would have grown by 1.8%.

On the other side, our EBITDA before nonrecurring items was recorded as $107.8 million, down by 9% compared with the same period of the financial year 2015. Having said this, however, it is important to mention that if you look at the constant currency basis on dollar basis, we see a growth in our EBITDA BNRI as well like what is in revenue when compared with the previous year.

Our EBITDA margin was recorded to be 17.1% in connection of beer segment with a 75-basis-points improvement. The net income of $52.8 million was registered in financial year 2016 in [EBI].

Talking about the cost on [dated] beer group level, our volumes finalized the year with 19.9 million hectoliters, [pushing off] a revenue of TRL3,370.1 million. Despite the headwinds we faced in 2016, we were able to generate a TRL679.1 million of EBITDA, in line with our guidance. We also managed to deliver an EBITDA BNRI margin of 20.1%, in line with our guidance.

Now as discussed, our net income was negatively impacted by around 20% the relation in TL against beer sellers, and adjusted to be a loss of around TRL35 million on the beer group performance.

As you -- or most of you will remember, back in three years ago, we had said free cash flow generation is a priority for Anadolu Efes. And today, we are here very happy to announce that the third consecutive year of free cash flow generation in our beer group segment.

Proactive initiations on working capital management tied to CapEx management of [below] financial discipline on the balance sheet. And these being backed up by efficiency and improvement are the main contributors to free cash flow generation. Our free cash flow generation for our beer group was TRL376.3 million in year 2016.

A bit more talking on the balance sheet side, Anadolu Efes net leverage ratio that broadly within comfortable zone as of end of 2016 financial year. Anadolu Efes consolidated level. Net debt is slightly less than $1 billion at $974 million. Our net debt to EBITDA ratio is 1.9 times. At the beer group level, net debt was recorded at $322 million, and net debt to EBITDA was at 1.7 times, despite the devaluation that we were talking.

A bit -- continuing on the balance sheet, average maturity, which is another important factor for us to follow, on an FX consolidated level is at 3.3 years. And for the beer group, it's 4.8 years, with a very easy, manageable debt repayment schedule, with majority of the payments being in 2022.

The [interest] portion of the debt is at fixed rates, which helps minimizing the interest rate risk. At Anadolu Efes level, 77%; at beer group level, 87% is of the debt is at fixed rates.

Continuing, as mentioned earlier, due to our currency debt position and significant devaluation in TL, that on a Anadolu Efes level, we face around more than TRL600 million of foreign exchange loss, which is a non-cash loss was recorded. On that side, we are extremely happy to generate all-time high free cash flow of over TRL1 billion at Anadolu Efes consolidated level.

As I mentioned, you will all remember that like in three years ago, we had advised that all [debt] numbers. Ambitions to generate strong free cash flow in both segments of our business, both in soft drinks and beer segments of our business. As a result of proactive management of working capital requirement, tight policies on capital expenditures, and balance sheet management, which is backed up with efficiency and profitability improvements, we reached a strong free cash flow generation on the third consecutive year, with a record high of TRL1.30 billion. Strong free cash flow generation also enabled our Board to propose a dividend payment of TRL145 million to the general assembly.

Before finalizing, I would like to remind you about our financial priorities, being about efficiency and improvement, generating strong free cash flow, deleveraging, managing the fixed volatility on operations, and finally, our commitment to investment-grade rating will be priorities -- financial priorities going further.

So this concludes my presentation for today. So I will hand over to Gavin for his closing remarks.

Thanks, Onur. Just in terms of our priorities, our medium- to longer-term priorities, we continue to focus on value by margin improvement and generating free cash flow. We have had three good years and we'll continue to focus on this into 2017 and beyond.

If we look at our beer operations, it's about capitalizing on our strong brand portfolios and leveraging specifically in our premium portfolios, achieving optimal brand and SKU mix, and excelling in execution. We really are looking for based operating practice in terms of growing our route to market and our execution of point-of-sale. And we are implementing those in line with learnings from around the world.

We're focusing on quality market share, so it's not just discounting into our market share, but growing profitably. And in strong free cash flow generation, which we mentioned just now, with a focus on optimizing our working capital.

And then from the soft drinks, fairly simple. Accelerating our revenue and margin growth, winning at the point-of-sales as well a big focus, and then sales force effectiveness. So that's really our high-level long-term priorities.

If we look at 2017 and the guidance for 2017, from a sales volume perspective, low- to mid-single-digit growth on a consolidated basis. With total beer, low-single-digit growth; Turkey beer, flattish versus a flat market. And as mentioned, the market share may change, but our focus in our volume growth and our volume performance for 2017 does not change. In our Russian beer operation, we plan to outperform a flattish beer market once again.

And then our consolidated soft drinks is mid-single-digit growth. With Turkey, soft drinks, low-single-digit growth; and our international soft drinks, high-single-digit growth. And our revenue is to outperform our sales volume in all our business lines.

And then our EBITDA margin, flattish on a consolidated basis. Our EBITDA margin for beer group, flat, despite growing share of structurally low margin international beer businesses. And then flat to slight improvement of EBITDA margin for soft drinks.

CapEx as a percentage of net sales at high-single digits on a consolidated basis. And free cash flow -- our plan is positive free cash flow in both beer and soft drinks, obviously, to continue our fine performance.

That's really at a high level all from our side. I think it's an opportunity for us to take some questions now.

Thank you for presentation. And I actually have two questions from my side, if I may. Could you perhaps provide a bit more color on managing the impact of FX volatility, especially the FX volatility related to the debt, which I understand is mostly in FX rather than lira.

And my second question would be perhaps could you also share a bit of your views on the working capital and CapEx management going into next and 2018. Thank you.

Thank you very much, Dmitry, for the question. On the FX volatility part, we look at FX volatility on two parts. One part is obviously operational part of that, which we proactively do our operational hedges in operations where we think FX volatility is -- might be having an impact on our both costs and expenses. We have been doing this for the last three years and we will continue doing this.

So if you look at the 2017 numbers on our Turkey business, more than 70% of our FX exposure on COGS as well as the expenses are covered with favorable than today rates. So we feel comfortable and we have visibility to that.

On the international side, we also have our coverage. So our coverage there is a bit less than what we have in Turkey due to the market conditions being favorable at that front.

On the long-term debt side, as you well know, most of our debt is on hard currency, and we're not having a hedge on that front. However, what we are doing is we are adding natural hedges like our export income coming into our operations as well as holding most of the cash that we have in hard currency, which also provides us a natural hedge. We are also looking at options how we can do the hedges of the long-term loan.

Looking from today's perspective, it seems to be relatively expensive, given the maturity of our debt as well as our ability to generate free cash flow. We think that is going to be better times for us to go for that hedging, so we are evaluating all our options on that front. Yes, we are staying without the long-term hedges.

And your next question was about the capital expenditures and the working capital. First, on CapEx side, what we are planning is to be a bit higher or at the same level as we had in 2016 on our capital expenditures. Most of our capital expenditures basically being either maintenance or sales and marketing investments that we give a lot of importance to.

On the working capital management, you will all remember that we had a very good year back in 2015 on managing the working capital in 2015. We continued the same in 2016, despite the market conditions as well as the volatility in the market. We managed to make sure that we use our working capital efficiently in 2016.

And we are going ahead in 2017 and 2018. You are going to be seeing us doing the same thing and finding new ways of better managing our working capital. We are not giving a guidance on what the numbers are going to be, but our target is to make sure that we use our working capital as efficient as possible. I hope this covers your question.

I had a few questions regarding your comments on the Russian market in 2007 (sic). You're looking for a flat market, and of course, that includes some type of effect of the end to -- or the changes to the PET packaging. I was wondering how much of a negative effect do you see in the market?

And from that -- and what are the offsetting factors that you put -- that you assume will drive a neutral -- a flat trend in the market. Also a question on Russia and the changes to the competitive landscape that you see in the market in 2017.

And then finally whether you -- I'm not sure about this, but my impression is that there is now a trend or it is being offered to the Russian consumer to buy draft beer in the off trade. And I was wondering if you could comment a bit of what you are seeing there. Thanks.

Yes, thank you very much for the questions. I'll answer them. The first and the third question are probably intertwined, in a way. Certainly we see -- let me just update you. The PET restriction isn't a full restriction. What has been enforced is no volume above 1.5 liters to be sold in PET.

So in actual effect, there is still PET in the market, and we were proactive about that and resized and in actual effect reshaped our PET bottle. So we used the opportunity to have new molds for the PET.

So yes, there will be a slight impact on the PET, because obviously the volume is going. But the reason we are suggesting the markets will stay flat is because this volume will move to what we call DIOT, which is the draft in off trade, which is your third point.

And what we see is a double-digit growth in that sector of the market. And in actual effect, we see the consumer shifting from the PET to in actual effect PET once again. Just what -- the transaction is that the PET is filled at point-of-sale versus filled in the [bar]. And it's filled through a draft dispensing type of equipment. And that's really why we see the market flat.

Nielsen unfortunately has not been reading that segment of the market as DIOT. So we are now working with Nielsen to pick that up and I think you'll start seeing that come through hopefully in the next quarter.

In terms of the competitive landscape, I think we continue competing. Efes has become a very strong -- become a clear number two competitor in the market. And we see -- we continue competing really from our perspective in the premium segment of the market. And we have a very strong portfolio in that sector of the market and we are driving that aggressively.

Obviously, the modern trade continues growing, and we are fighting aggressively in the modern trade, but also trying to protect value in this segment of the market. So we are working very closely with the modern trade retailers to build the category, and to in actual effect, enhance the shopper and the consumer experience within that part of the market.

But really, I think from a competitive point of view, things will stay pretty much the same with Carlsberg being number one, ourselves number two, and then obviously ABI and Heineken in third and fourth place. I'm sorry, does that answer your question?

Yes, I think -- and I'm sure there will be questions around ABI. And I think with the deal only having closed in October last year, and really we have had our first engagement with ABI on two occasions, which have been really a meet and greet of the new shareholders on Anadolu Efes.

We will certainly explore opportunities as they present themselves, both operationally and then obviously from a portfolio perspective. But it is really very early days in terms of that.

Thank you very much for the presentation. I have just couple of questions. I see one of your financial priorities is to deleverage. So Coca-Cola Icecek's yesterday gave a guidance on the net leverage they expect by year-end. I was just wondering where you had any similar guidance for Efes Beer. And secondly, was just wondering whether you see any opportunity for any acquisitions in the sector.

I think let me answer -- I will leave the first question over to Onur, but let me answer the second question. At this point in time, if we look at from the beer business perspective, there are no -- in the near future, there are no acquisition opportunities that present themselves.

And certainly I think it's clear that from a CCI perspective, the team were looking and they would've given you feedback on that, I'm sure yesterday, at some opportunities. And once we have evaluated these, we will then consider if they are good or not in terms of best opportunity for ourselves is [unenthusiastic].

Now Onur, you want to answer the first question around net leverage by year-end?

Yes, yes, yes. Well, thank you very much for the question. Well, actually, what we have been guiding the market on our net leverage is that we are very cautious in managing our net debt to EBITDA ratios in the past three years. And as I said, we were able to keep them in a very good shape in the last couple of years, whether it be in the TL devaluation going ahead.

We are going to be still very cautious and we will manage our net debt to EBITDA. We're not giving a long-term or short-term guidance on our net debt to EBITDA. But our aim is for sure going to be the same: making sure that we keep them in a good or satisfactory level.

Thank you for the presentation. My question is regarding the consumer sentiment and volume trends in the first quarter in both Turkey and the Russia operations. Could you please provide color on these -- like, the first-quarter volume so far were in line with your expectations? Thank you.

Sorry. So my question is regarding the consumer sentiment and volume trends in the first quarter in both Turkey and Russia operations. So could you just provide the color on these. Did the first-quarter volumes so far are in line with your expectations?

So I think a very good question. Without getting into too much detail in terms of absolute volume performance, in Russia, the consumer sentiment is good. Obviously, you know we close off our financial year in December. So January is always an interesting start to the year. But we are comfortable that quarter one will be good for Russia.

When we look at Turkey, the consumer sentiment -- the consumer confidence is coming back, considering a really tough year. As you will have noted, I'm not sure if you are aware that there was in excise increase, which was pulled forward by a mandate in Turkey of 10%. And obviously we believe -- we took price. We've been filtering that excised increase into the market.

From January was again a difficult year for Turkey, but we saw a nice recovery in February. So I think for quarter one, we're fairly optimistic that we should be in line with our expectation in Turkey. And we are gauging the consumer sentiment -- consumer confidence. But we're certainly seeing an improvement and we are comfortable with that.

Thank you for the presentation. I have a question -- it's a follow-up from Walid's. And he ask about the potential acquisitions, and you mentioned that there could be some discussion yesterday in Cola, a presentation about this. I was in the call. We don't have such a kind of discussion. Would you please explain what are the potential markets that you can expand in the soft drinks business?

The only thing that the business was having a look at, and there is no clear direction, was CCBA. But certainly that is a long shot, but they are evaluating CCBA. And if there is any potential -- if there is potential to start and if it suits our business, we will investigate it further. But aren't part of that business.

Sorry, two follow-up questions on my side. So just again on these CCBAs, so just so I understand, if there were to be any acquisitions, would that be done at the Efes level? Or is it something that you would consider, or are we talking strictly about something that could be done at the Icecek level.

And the second question is regarding pricing. So I understand there have been some price increases in Turkey over the last quarter, so was just wondering about your expectations in terms of price increases for 2017. How many price increases do you expect, and what degree of price increase you were envisaging for the beer segment?

To answer the first, and I will ask Onur also to chip in on the CCBA. Certainly, it's very early in analysis. So it would be quite difficult for me to give any further indication on that. The team are looking at CCBA just at a structural perspective. We haven't even started evaluating the talent. So I think it would be premature to even comment on that.

I think, Gavin, that is what we can say. It's very early stages, and it's yet very early to talk on a hypothetical thing how structurally that might happen. So I think it's quite early to talk about it now.

Okay, thanks. And then Walid, on your second -- in terms of pricing, generally the two big businesses are [spose] Russia. The excise increase has taken place and this was in line with our expectation. We don't expect any other movement certainly in the balance of 2017.

From a Turkey perspective, there was -- there are usually two increases, excise increases, through the year and that's when we take pricing. The first being usually on January 1, which was moved forward by month or earlier by month. And we have taken price.

And then generally in June, there is a second, which is a far lower excise increase. And I think at the moment, it is in line. We're expecting it to be in line with our business then in grosses. So we're not expecting anything else at this point in time.

Yes, I think we would obviously have to evaluate that. But at this point in time, I think we are fairly well hedged in Turkey. And the current -- in our current FX budget, I suppose, is in line with the performance of the market. So I think unless something really gets out of hand from here on, we probably won't be taking pricing as part of the excise increases I mentioned.

I have another question regarding this potential approach and pace. I think it's a little bit too much. But when you talk about CCBA, it was up for a sale at a fairly high value. I don't know whether we are going to proceed or not. But hypothetically, if you decide to proceed on this, do you think that Efes has a balance sheet capacity to buy such a kind asset?

Yes. Well, thank you very much for the question. As we said, it is yet very early stages. So I think we will be commenting on this once the situation becomes more clear. So we are not going to be commenting on hypothetical things.

We do think that Anadolu Efes, on the other hand, is in very good shape on the balance sheet part. So we have been managing our balance sheet proactively and we have been making sure that our balance sheet is managed well. And it is well managed at the end of the day. However, it would be too early or too immature for us to comment on a hypothetical issue right now for that.

I would just like to thank everyone. Thank you for the questions. Certainly we are available if there is any other issues in the near future. And we look forward to our next session. Thank you very much, and thanks to Onur and the team for arranging.